I think I understand what you’re asking. Generally speaking, the answer is yes with a few caveats. As background, I’m a 2013 Server user. I investigated this a while back, but our organization doesn’t use overtime so we don’t worry about the different rates.
On the Resource Sheet, there are multiple rate fields for each resource. There’s a standard rate and an overtime rate. You can enter whatever values you want in these.
The caveat is how Project knows work is standard vs. overtime and if memory serves, the answer is it doesn’t. Through time entry, the resources or the PM would need to enter the appropriate hours into the right type of work field. For example, looking at time phased data in a Task Usage view, the time phased data typically displays Work and Actual Work (regular work). If you want to distinguish overtime work in the time phased data, you’d also need to add the Overtime Work field. Then for example, if you entered 10 hours on a task in the Actual Work field, all 10 hours would be considered standard rate. If you entered 8 in Actual Work and 2 in Overtime work, the rates are then applied accordingly. So bottom line, Project isn’t smart enough to automatically determine standard vs. overtime so you have to make sure it’s entered accordingly.
Hope that helps